EUR/USD: Weekly Update

The Eur/Usd is in a consolidation range right now. The pair was thoughtto possible break to the upside when it broke the 1.4450 priceresistance barrier but that was short lived as the Euro is unpopularright now and out of favor.

The Eur/Usd is in a consolidation range right now. The pair was thought to possible break to the upside when it broke the 1.4450 price resistance barrier but that was short lived as the Euro is unpopular right now and out of favor. Despite negative US data reports the pair has not lost ground on the Euro.

As of right now the current support level to watch is 1.4200 if the pair breaks below that we could see the pair go to 1.3800. Friday was very bearish for the pair as the Dollar gained all day long. We may continue to see Dollar bullishness until the test of the 1.4200 area again.

If you look at the Daily chart below you can see that the pair has test the 1.4200 area and that is a strong support level.

Daily Chart  *Note Click on the Chart to learn about our premium trading service.

If we zoom in to the 4 hour charts we can see that there is a consolidation period and a trading range happening right now. The last 4 hour candle was green after a series of down candles which indicates that the current down trend may be stall for the time but I would look for a pull back and then another opportunity to enter this pair short.

4hr chart

My live real personal trading record is on Currensee for all traders to see for free. Just follow the link and sign up and you can even follow my trades there as well.

My fellow Eur/Usd blogger wrote another Eur/Usd weekly review and he has thoughts of risk aversion returning. In addition to that it is important that you look at the all the news that will be impacting this currency pair that will be announced next week and the best place to do that is at Forex Crunch.

Good Luck Trading this week.

Casey is the founder of Winners Edge Trading and is the main contributor with his specialty being the Eur/Usd trade setup.He is a founding member of Forex Factory News and continues to bring information to new and struggling forex traders. He is working to help traders daily and can be reached for help anytime.Disclaimer: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of... More